1. Checking balance comparisons
Navigate to Lettings properties > Property balances
From the left sidebar, click on Balance comparisons
This page lists properties where the balance on the ledger differs from the balance on the statement. Its purpose is to flag any properties where the landlord will receive, or has received, an inaccurate statement.
A statement generated during the payment run will include all transactions since the last Rent out payment to the landlord. If the ledger has a positive or negative balance after the last Rent out, the statement will not reflect the amount the landlord will receive. This can happen for the following reasons:
The user has not paid out what was advised in the previous statement.
A rent-in line or deduction has been added since the last rent-out but backdated before.
Something has been deleted from the ledger since the last rent-out.
No properties listed? Please move on to the next stage of the payment run - Including expenses.
2. Resolving balance comparisons
If properties on this page are being included in the current payment run, the discrepancy should be resolved or the property excluded before proceeding.
Within the View rent out ledger column, click on View ledger
Locate the last rent out payment to the landlord
Note the value shown within the Property balance column
2.1 Negative balance
This indicates that the landlord was overpaid previously. If this is the case, the system will automatically apply a reduced balance to the BACS Schedule.
Optionally, users can add a note to the statement advising of the overpayment by going to Financials >Landlord deductions and posting/including an Overpayment amendment. For further guidance on this, please click here.
2.2 Positive balance
This indicates that the landlord has been underpaid previously. If this is the case, then continue as normal, and the extra balance will be automatically added to the BACS schedule.
Alternatively, a bank line may have been recently assigned to the property for a date before the landlord’s last payment. If this is the case, please locate this bank line, re-assign it to Offset rent and set the date to the current day. For guidance on how to offset a bank line, please click here.
If miscellaneous income for an earlier date was assigned after the landlord was last paid, please find this bank line, re-assign it to Float in, and transfer this to Landlord other income via a double entry. For information on double entries, please click here.
Once all balance comparisons have been checked and resolved, or the relevant properties excluded, users can move onto the next step - Including all expenses.